Hana Bank to expand art wealth management

Hana Bank said Sunday it will expand its wealth management services to trading art pieces -- both physical and digital -- amid growing retail demand for alternative assets.

Hana Bank has forged a partnership with Seoul Auction Blue, an online auction house, to jointly work on developing new businesses such as nonfungible tokens and metaverse platforms, and operating online education and community platforms on art.

The two will also provide traditional art services including artwork sales, art collection and art loans, the bank said.

Based on the partnership, Hana Bank will provide consulting services for clients interested in purchasing and selling artworks. Also, it plans to provide storage services and to carry out art exhibitions featuring clients’ art possessions.

“Hana Bank aims to become the ‘art bank’ by addressing the needs of affluent clients and MZ generation with exquisite art services,” said Hana Bank CEO Park Seong-ho in a statement, citing MZ generation as those born between 1980 and 2000.

In 2020, Hana Bank launched the Arete Cube Gold Club center with Seoul Auction Blue, which provides educational services about culture and art for the children of high-net-worth individuals as well as consulting for art collectors seeking to invest in art funds.

By Byun Hye-jin (hyejin2@heraldcorp.com)